Within the dynamic and ever-changing crypto house, ladies have frequently made their mark, difficult gender norms and contributing considerably to the expansion and development of the crypto sector. One of many main ladies within the crypto house immediately is Gracy Chen, the Managing Director of Bitget, a distinguished crypto change and Web3 firm.
Gracy Chen is acknowledged as an advocate for girls within the crypto world, encouraging their progress and participation within the {industry} by rising alternatives for females in Bitget’s workforce. She additionally empowers ladies and women in STEM (Science, know-how, engineering, and math) training by means of Bitget’s non-profit group, DIY Women.
In a dialog with Bitcoinist, Gracy Chen shared worthwhile insights on her experiences as a girl within the crypto house and supplied steering for girls venturing into the {industry}.
Bitcoinist: What made you determine to pursue a profession in cryptocurrency, particularly when the {industry} is noticeably dominated by males?
Gracy Chen: Actually, I didn’t take into consideration gender inequality and the shortage of illustration of ladies in crypto after I joined the {industry}. On the time, I used to be working as a TV host interviewing celebrities like Tom Hiddleston and Michelle Yeoh and enterprise leaders resembling Tim Draper.
One time in 2014, when Bitcoin was buying and selling at roughly $300, my TV buddies launched me to crypto, and it was love at first sight. I used to be fascinated by the know-how and the concept of economic inclusion, so I began investing in main cash like BTC, ETH, and XRP.
After dipping my toes into the fascinating (and generally loopy) world of digital belongings, it didn’t take lengthy till I grew to become an early investor in BitKeep, now often known as Bitget Pockets.
Bitcoinist: How would you describe your expertise as a girl within the crypto {industry}? What are a number of the largest challenges you confronted in your journey to turn into a distinguished feminine determine within the crypto {industry}?
Gracy Chen: Once I ventured into the crypto world, the scenario was a lot worse than presently. Most of the time, I used to be the one girl on panel discussions through the Web3 and fintech occasions I attended with my workforce.
In an {industry} dominated by males, I felt it was a boys membership, and was unwelcomed and generally even annoyed. These destructive ideas had been with me throughout conferences and in addition after I served because the CMO at a fintech firm in my earlier job, the place I used to be the one member of the administration workforce who wasn’t male.
As a girl, it isn’t sufficient to consider in your personal management abilities. With the shortage of variety in crypto, you might be greater than prone to be negatively impacted by gender-based bias and the stereotypes feminine entrepreneurs come throughout daily. That is most likely the explanation why ladies solely managed to elevate 2% of the {dollars} invested in VC-backed US startups in 2021 regardless of an 83% YoY improve within the whole quantity raised.
I might hear, ‘We’re keen on you and your venture, however we don’t plan to put money into feminine entrepreneurs, particularly those that are married however with no youngsters but.’ This was a enterprise investor’s precise argument towards funding my startup in 2017. It was a harsh interval by which I used to be consistently dealing with gender-based bias whereas struggling to lift capital for my venture.
As time handed and crypto adoption took off, the scenario has considerably improved. However it’s nonetheless removed from very best, although. With ladies accounting for solely 4.13% of crypto founders and 10% of digital asset fund companions, it’s secure to say that there’s important room for enchancment on this area.
I haven’t even talked about the outcomes of a latest report, which revealed that 74% of present cryptocurrency holders within the US are males. However due to initiatives like DIY Women — a charity venture initiated by Bitget in collaboration with Juventus gamers Moise Kean and Wojciech Szczesny, which is devoted to selling women’ curiosity in STEM training — the longer term is wanting brighter.
Bitcoinist: What would you say are the commonest threats and challenges to ladies coming into investing, and the crypto {industry} particularly?
Gracy Chen: Regardless of demonstrated effectivity on this area, solely 33% of ladies really feel assured of their capability to make funding selections. When it comes to crypto, I consider this might spotlight the truth that cryptocurrencies are riskier belongings as a consequence of their elevated volatility, and feminine traders, who’re extra risk-averse and sober than their male counterparts, are much less prone to put money into them.
Dependable person training is critical to beat this problem so extra ladies will really feel assured to enter the house and put money into digital belongings.
Complete market cap sitting at $1.352 trillion | Supply: Crypto Complete Market Cap on Tradingview.com
Bitcoinist: What different monetary objectives do ladies pursue by means of investing to showcase their dedication and care, past enhancing their household’s monetary scenario or funding their youngsters’s training?
Gracy Chen: We now have lately revealed a research revealing that feminine traders in most markets reveal a larger willingness to enhance their household’s monetary conditions and fund their youngsters’s training bills or tuition charges by means of crypto investments. These outcomes point out that girls carry out higher in some areas than males.
As I see it, the correct illustration of females inside an organization and its management can supply essential advantages for the entire group, resembling improved product enhancement and a extra optimistic work setting.
As an example, ladies are extra empathetic normally than males, which turns out to be useful for managers who must care for his or her groups. A extra numerous and inclusive office with extra involvement from ladies may create a extra open working ambiance the place staff are extra prepared to precise their opinions. This can be a important profit for feminine workers, whose trustworthy and useful recommendation can considerably enhance firm tradition.
Ladies additionally are typically much less over-confident than males. From a monetary perspective, their extra risk-aversive and disciplined nature makes them more practical in investment-related threat administration. Most likely, this is among the many the explanation why feminine traders managed to outshine their male counterparts on this area by incomes 10% extra annual returns between 2017 and 2020.
Regardless of the shortage of illustration of ladies within the management of crypto corporations, a research revealed that companies with 5 or extra feminine executives had the very best success charges (61%).
Apparently, the bottom success charges had been measured among the many corporations the place solely a single girl was current on the board (49.32%). Nevertheless, these figures are nonetheless higher than within the case of startups with no women within the management, as one other report’s outcomes present a 63% higher efficiency for firms with no less than one feminine founder than these with an all-male founding workforce.
Bitcoinist: What’s one piece of recommendation you’ll give to ladies who’re working in direction of changing into leaders within the crypto {industry}?
Gracy Chen: My recommendation for feminine entrepreneurs in crypto is to recollect that you’re not the ‘elephant within the room’ – gender inequality is. It’s an {industry} that seeks to create a extra inclusive and democratic monetary system.
I consider this unique ethos also needs to apply to gender equality, as we’re additionally engaged on constructing an area that’s equally accessible to folks irrespective of their gender, race, or faith.
Whereas crypto is a male-dominated market, ladies shouldn’t be afraid to enter. Quite the opposite, it ought to function an incentive so we could be higher represented throughout the {industry}, offering super advantages to the house normally.
Be ready for stereotypical habits, however don’t let it decrease your confidence or discourage you from changing into a frontrunner or attaining different vital objectives as a girl.
Bitcoinist: What management alternatives for girls do you see within the crypto {industry}, and do you assume extra must be performed for girls within the {industry}?
Gracy Chen: There are undoubtedly sufficient management alternatives for girls in crypto. Nevertheless, as males dominate the house, ladies should work onerous and discover ways to shield themselves towards gender-based bias to reap the benefits of these potentialities.
For this reason I consider market gamers ought to be part of forces and launch initiatives like DIY Women so we will improve feminine illustration and at last deal with the problem of gender inequality.
Bitcoinist: The place do you see participation from ladies within the crypto {industry} in 5-10 years? Do you assume there shall be kind of curiosity?
Gracy Chen: Based mostly on the findings of the identical research that exposed that almost all present US crypto holders are males, ladies account for 53% of the “crypto curious,” a gaggle that has reported curiosity in digital asset investments.
Mixed with the rising variety of initiatives concentrating on women, I consider feminine participation within the cryptocurrency market will take off considerably within the subsequent few years, which can in the end lead to a extra equal house for everybody.
Bitcoinist: If you happen to had the prospect to resolve one drawback within the crypto {industry}, what would you clear up, and the way would you clear up it?
Gracy Chen: Along with my workforce at Bitget, we’re devoted to tackling the problem of gender inequality throughout the {industry}. Whereas market gamers have made important progress on this area, the issue continues to be there, ready to be solved.
Being acknowledged as a International Shaper by the World Financial Discussion board in 2015, I’ve a mission to extend feminine illustration and contribute to creating equal alternatives for everybody available on the market.
Apart from launching and elevating funds for DIY Women, I’ve created an inclusive and numerous office at Bitget, the place ladies symbolize 40% of the workforce. This doubles down on our firm’s place as an industry-leading equal-opportunity employer that’s dedicated to creating a optimistic affect on society.
Finally, I need to change the way in which women and girls understand careers in crypto. To attain this objective, we have to analysis their preferences, calls for, and the challenges which are presently stopping them from becoming a member of the market.
On the identical time, crypto corporations ought to launch initiatives concentrating on ladies, which may lead to extra internship and employment alternatives for girls, in addition to assist create extra female-friendly work environments.
Bitcoinist: Final however not least, what’s your favourite cryptocurrency, and the place do you see its worth within the subsequent few years?
Gracy Chen: After all, my favourite cryptocurrency is BGB! It stays the best-performing change token in 2023. In response to information from a TokenInsight Report, BGB led all change tokens in Q2 and Q1. Apart from LEO, MX, and OKB, all different CEX platform tokens had a destructive return. Except for BGB, I’m additionally hodling the OG tokens like BTC, ETH, USDT, and USDC.
Generally, I consider the bear market is lastly coming to an finish. Contemplating that BTC lately has damaged out of the $35,000 stage amid BlackRock’s imminent spot ETF approval, the charts appear to point out that Bulls are actually answerable for the digital asset {industry}.
Furthermore, the subsequent Bitcoin halving is just six months away, which is anticipated to kickstart a significant bull run based mostly on historic worth traits. Within the meantime, I count on crypto adoption to extend step by step as extra women and men are getting aware of cryptocurrencies and their underlying know-how.
Featured picture from Bitget, chart from Tradingview.com